A string of high value gambling debts is supposed to be the main reason why a Vice President in American investment bank Goldman Sachs decided to steal over 28 crores to pay back his debtors. However, the authorities acted swiftly and prevented the funds from being transferred to a private bank in China and arrested Ashwani Jhunjhunwala for defrauding and stealing from the bank.
What Exactly Happened?
Ashwani Jhunjhunwala is an MBA graduate with over 14 years of experience. He was the VP of forex settlements and Goldman Sachs and came up with a devious plan taking the help of an ex-employee Vedant Rungta who advised him how to go about stealing from the bank.
Jhunjhunwala played three of his junior employees as he took them under his care in the disguise of mentoring them. He made them login to their systems last week and then sent them off on different tasks, leaving their systems unattended. He acted quickly and within a short period carried out transactions from their logins to transfer money to Industrial and Commercial Bank of China.
When one of the younger employees found out that his system was used to carry out an un-authorized transaction, he went to the legal department who acted swiftly along with the Bengaluru Police – Whitfield branch.
In a statement, MN Anucheth, the Deputy Commissioner of Police said “He had access to another financial manager’s account. So he used it to transfer the money to himself. It happened within a span of just 10 minutes on September 4. The company has an internal mechanism where this suspect transaction came to light. They found out within two hours and questioned him”.
Gambling Debts And Personal Loans
Jhunjhunwala has allegedly gambled heavily at the poker tables and suffered big losses. Not being able to pay back his debtors, he decided to see if he can get away by stealing money from the bank. He has also reported to have taken a lot of personal loans and could no longer get any credit.
Goldman Sachs has confirmed that they have terminated Jhunjhunwala’s services and will take legal action against him.
There have been numerous bank crimes in the last couple of years in the Indian market but this one is getting special media attention given the fact that poker debts are involved. The poker industry will now come under scrutiny as the authorities look at money laundering and responsible gambling policies of all poker operators.